SISCO net profit surges over two-fold to SAR 111.2 mln in 9M 2020

28/10/2020 Argaam Exclusive

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Saudi Industrial Services Co. (SISCO) reported a net profit after Zakat and tax of SAR 111.2 million for the first nine months of 2020, a 147.7% year-on-year (YoY) increase.

The increase in net profit was attributed to an improvement in the ports segment’s revenue and gross profit and gains of SAR 32 million from the IFRS 9 implementation due to extending the port segment's existing Ijara facility, in addition to a reversal of a replacement cost provision of SAR 75 million

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	519.37	642.53	23.7 %
Gross Income	220.39	301.21	36.7 %
Operating Income	91.54	178.23	94.7 %
Net Income	44.98	111.28	147.4 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.55	1.36	147.4 %

The company reported a net profit of SAR 28.1 million for the third quarter of 2020, over a four-fold increase compared to the same quarter last year, on improved performance of the ports segment.

When compared to previous quarter, Q3 net profit fell 50.27% due to realizing a one -off reversal of provision for asset replacement cost amounting to SAR 75 million during the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	172.16	259.67	50.8 %
Gross Income	70.16	132.15	88.4 %
Operating Income	14.91	91.66	514.6 %
Net Income	6.74	28.16	317.6 %
Average Shares	81.60	81.60	-
EPS (Riyals)	0.08	0.35	317.6 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	215.57	259.67	20.5 %
Gross Income	115.88	132.15	14.0 %
Operating Income	73.16	91.66	25.3 %
Net Income	56.52	28.16	(50.2 %)
Average Shares	81.60	81.60	-
EPS (Riyals)	0.69	0.35	(50.2 %)

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